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Thursday / March 28. 2024
HomeAgrotechBidra Innovation Ventures receives $200 Mn in funding

Bidra Innovation Ventures receives $200 Mn in funding

The fund is committed by Morocco-based Mohammed VI Polytechnic University and the OCP Group to back breakthrough sustainable technology in India

Bidra Innovation Ventures (Bidra) has announced a $200 million commitment by Morocco-based, Mohammed VI Polytechnic University (UM6P) and the OCP Group. The initiative will expand Bidra’s investment scope to include innovations in sustainable agriculture, energy, water and other climate technologies with a focus on emerging markets like India, Africa, and others.

This latest round of funding comes one year after Bidra launched a $50 million fund backed by the same investors focused on agriculture. In India, Bidra is an active investor in Niqo Robotics, a Bangalore-based agricultural robotics start-up focused on AI-powered sustainable spot spraying technology.

Over the past year, Bidra has nurtured multiple breakthroughs in technology. They have supported several innovative sustainable tech companies including Niqo Robotics, an AI tech-driven company that reduces chemical volumes, Agrospheres, an ag-tech company developing environmentally friendly crop protection products, and Pattern Ag, which uses predictive analytics to customise crop fertility plans.

“UM6P recognises the role innovation must play to sustainably solve global challenges,” said Amar Singh, Head of Group, Bidra Innovation Ventures. “We are grateful for UM6P’s visionary leadership and support as we continue to back innovators forging the future via sustainable technologies for Africa and beyond. Having OCP’s support is a tremendous advantage because now we can extend OCP’s regional know-how and distribution capacity to startups that are ready to scale. If you have technology that is ready for prime time, consider Bidra as a gateway to scaling your technology in India, Africa and beyond,” Singh further elaborated on the latest fundraising.

India-based startup Niqo Robotics from Bidra’s portfolio has made rapid strides over the past year and is gearing up to launch the world’s largest fleet of AI-powered green-on-green spot spray agricultural robots in India by June 2023. “We are immensely proud of our association with Bidra through the past year. We have amazing synergies, and our partnership has empowered Niqo Robotics to scale our breakthrough sustainable spot spraying solution from lab to land and potentially revolutionise crop protection applications in agriculture, worldwide,” said Jaisimha Rao, Founder and CEO of Niqo Robotics

Companies backed by Bidra not only benefit from the financial resources of UM6P and the OCP Group but also from the organisations’ domain expertise and expansive global footprint. Talent, customer, and capital – these are the three inputs that every founder is looking for. Bidra, UM6P and OCP are looking to assist disruptive sustainable technologies in all three.

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